What is the Achilles heel of venture capital investing in Europe?

It's the challenge of not having a homogenous market.

In America and in China, if you start a company, you have a vast market on your backdoor step.

In Europe, by contrast, the consumer habits, business habits, are very, very different.

Success builds on success.

And in California in particular, there is a pattern of success that every generation in

Silicon Valley is extremely aware of.

Through your investing lens, why and where might we be surprised in the next decade?

You will have one or two gargantuan companies emerge from this and a real concentration

of value or market capitalization in a couple of those

companies, including, incidentally, the encompass Google and Facebook event. And the rest will be

wreckage and carnage. If you want to find the ingredients for a compelling history, you might take a boy from

Rails whose parents had escaped Nazi Germany, plot his academic successes at Oxford and

Wharton, observe his journey through journalism to the apex of the US venture capital

at Sequoia, to learn then of his immense philanthropy, before turning full

circle and being transplanted to the 1930s, where his book, Auslander, captures the agonies and trauma

of a family's destruction. Written beautifully and infused with humour to sweeten its brutality,

I would suggest there is possibly no better person to welcome today than Sir Michael Moritz.

Michael, welcome and thank you for being here.

It's a delight to be on George Street.

Well, we can also welcome back a former guest, someone who is well known to us, the former CIO and CEO of Oxford University Endowment, Sandra Robertson. Sandra knows Michael well. It's courtesy

of your great sort of, you know, abilities that we have Michael here today. So thank you,

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